J.C. Penney Company, Inc. (NYSE:JCP): The company announced it is targeting $900M in expense cuts to be completed over the first two years of its transformation, ultimately lowering jcpenney’s expenses below 30% of sales in just two years. Kramer stated he expects to achieve an expense run rate of 27% by the end of the transformation in 2015. The savings will come primarily from stores, advertising and the operations in the Company’s home office. The shares closed at $40.72, up $6.44, or 18.79%. They have traded in a 52-week range of $23.44 to $41.00.
Netflix, Inc. (NASDAQ:NFLX): Netflix (NASDAQ:NFLX) is much more concerned about TV Everywhere (CMCSA, TWC) and similar services than over-the-top pure players like Amazon Prime (NASDAQ:AMZN) and Hulu Plus (CMCSA, GE, NWSA, DIS), according to a letter to shareholders sent following its Q4 earnings, reported The Next Web. The shares closed at $116.01, up $20.97, or 22.06%. They have traded in a 52-week range of $74.25 to $304.79.
Micromet Inc. (NASDAQ:MITI): Amgen (NASDAQ:AMGN) and Micromet (NASDAQ:MITI) announced that the companies have entered into a definitive merger agreement under which Amgen will acquire Micromet, a biotechnology company founded in Germany with its research and development center in Munich and headquarters in Rockville, Md., for $11 per share in cash. The transaction, which values Micromet at approximately $1.16B, was unanimously approved by both the Amgen and Micromet Boards of Directors. The acquisition includes blinatumomab, a Bispecific T cell Engager, or BiTE, antibody in Phase 2 clinical development for acute lymphoblastic leukemia, or ALL. Blinatumomab is also in clinical development for the treatment of non-Hodgkin’s lymphoma, or NHL, and could have applications in other hematologic malignancies. The tender offer is not subject to a financing condition. The transaction is expected to close in Q1. The shares closed at $10.94, up $2.66, or 32.13%. They have traded in a 52-week range of $4.13 to $8.90.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.
To contact the reporter on this story: Derek Hoffman at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com